Australian Government Airs Blockchain Plan for Trade Modernization

Australia's Department of Home Affairs is looking to blockchain technology to provide secure and transparent international trade supply chain management.

The department is hoping to modernize international trade management in the country and is pushing for a pan-governmental framework for emerging technologies, including blockchain, AI and the internet of things, to provide real-time intelligence on the country's supply chain activities.

The DHA proposed the framework during a joint standing committee on trade growth on Thursday, a ZDNet report says.

"Intelligence and risk assessment capabilities and revenue collection are improved by new and emerging technologies, such as blockchain, that would improve the veracity, validation, and analysis of intelligence and trade data."

The DHA is currently researching, investigating, and understanding the applicability of blockchain in developing its trade modernization plan.

Blockchain could play a role on reducing trade documentation and associated costs, as well as reducing delays associated with errors in the the movement of paperwork, it continued.

Further, the modernization effort could lead to "Increased safety and security as well as greater efficiency in border inspection clearance procedures."

"A secure and modern end-to-end supply chain is fundamental to Australia's security, growth and prosperity."

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